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▲ Tezos/Source: Twitter ©CoinReaders
Tezos is fueling expectations of breaking the $0.40 mark, driven by attempts at a technical breakout and an influx of individual investor funds.
According to investment media FXStreet on April 28 (local time), Tezos (XTZ) continued its upward trend for two consecutive days above $0.38, surpassing its 50-day Exponential Moving Average (EMA) of $0.3736. This trend suggests it is seeking further gains after breaking through the downtrend line resistance.
Changes are also being detected in the derivatives market. Tezos futures open interest increased by more than 5% over 24 hours, reaching $15.52 million. This indicates an expansion of position building, primarily by individual investors. The funding rate also remains positive at 0.0051%, suggesting a continued preference for long positions.
Technically, the key variable is whether it breaks above the upper boundary of the symmetrical triangle. Tezos has already surpassed the downtrend line resistance around $0.3770, and if it continues to close above $0.38 on a daily basis, an upward structure could be confirmed. Subsequently, the 100-day EMA at $0.4046 is presented as the first major resistance.
Upward momentum is also gradually strengthening. The Relative Strength Index (RSI) is above the neutral line at 58, leaving room for further upside, and the Moving Average Convergence Divergence (MACD) is expanding in positive territory, indicating buying dominance. If $0.4046 is broken, the path to the 200-day EMA at $0.4619 could open up.
Conversely, in the event of a decline, the breakout level of $0.3770 and the 50-day EMA of $0.3736 are expected to act as short-term support levels. If this range breaks down, the bullish scenario could weaken, also opening up the possibility of increased short-term volatility.
*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*
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